USDCAD Open 1.1979-84 Overnight Range 1.1940-86 Current Rate 8:40 am 1.2025-30
It’s a lively, lively world
FX markets were on the move again in a lively overnight session. China reported GDP growth of 7.4%, which was not as low as predicted, and equity markets were happy. The IMF cut global growth forecasts but the World Bank beat them to the punch a week ago. AUDUSD rose but NZDUSD didn’t follow suit on concerns over today’s GlobalDairy auction. USDCHF rallied in Asia but gave back most of the gains in Europe. Today’s BoJ meeting and Thursday’s ECB meeting are the key events.
USDCAD drifted lower in Asia but rebounded with a vengeance in Europe pushing above 1.2000 when New York came in. The doveish actions by various Central Banks in the past few days has increased speculation that the BoC may be “extra” doveish on Wednesday while a dip in WTI prices didn’t help matters.
The intraday USDCAD technicals are bullish while trading above 1.1960 targeting 1.2050 enroute to 1.2115. The uptrend line is quite steep and therefore likely unsustainable. A break below 1.1980 will see a retest of 1.1960 and then 1.1940.
Today’s Range 1.1960-1.2050